Los Angeles Probate Lawyers, Santa Clarita Probate Lawyers

Probate Explained

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Probate is essentially the "court supervised" process of transferring your assets after you pass away. The person in charge of this process is generally called your "Executor" or "Administrator" depending on the circumstances. Many people confuse the term "Trustee" with "Executor" but keep in mind the latter term is what matters when it comes to your will.

Typically, the executor named in your will would start the process after your death by filing a petition in court and seeking appointment. Your executor would then take charge of your assets, pay your debts and, after receiving court approval, distribute the rest of your estate to your beneficiaries. If you were to die intestate (that is, without a will), a relative or other interested person could start the process. Keep in mind the term "executor" is used with a will. The term "trustee" refers the person in charge of your living trust. People often mix up the two terms.

If you die without any will, the court would appoint someone called an administrator to handle your estate. Personal representative is another term used to describe the administrator or executor appointed to handle an estate.

Simpler procedures are available for transferring property to a spouse or for handling estates in which the total assets amount to less than state minimum. The probate process has advantages and disadvantages.

The probate court is accustomed to resolving disputes about the distribution of assets fairly quickly through a process with defined rules. In addition, the probate court reviews the personal representative’s handling of each estate, which can help protect the beneficiaries’ interests.

One disadvantage, however, is that probates are public. Your estate plan and the value of your assets will become a public record. Also, because lawyer’s fees and executor’s commissions are based on a statutory fee schedule, a probate usually costs much more than the management and distribution of a comparable estate under a living trust. In fact, between fees and other costs, a probate could cost about 4% of the gross estate.

Time can be a factor as well. A probate proceeding generally takes longer than the administration of a living trust.